Fintech company has announced that the Reserve Bank of India, the central bank of the country, has chosen Intellect to implement the upgraded version of the Cloud-Native Intellect Quantum Core Banking Solution (QCBS) to power the next stage of their digital transformation agenda.
Commenting on the deal win from Reserve Bank of India, Rajesh Saxena, Chief Executive Officer, Intellect Global Consumer Banking, said,
“Intellect Quantum Central Banking Solution's underlying MACH –enabled architecture will enable RBI to stay future-ready, with the ability to quickly and easily upgrade their systems, and navigate through the ever-changing economic landscape."
"We are excited for RBI to leverage the present-day best practices and the best of innovation from across the world with the latest version of our award winning central banking solution. It has been an honour for us to see our partnership with the Reserve Bank of India grow rapidly over the years. The collaboration, which began in 2011, and bagged accolades such as the Asian Banker ‘Best Central Bank Technology Project’ award along the way, is set to become even stronger with the implementation of our QCBS upgrade,” he added.
One of the largest and most complex central banks in the world with a balance sheet size of Rs 57,076.69 billion, the entire central banking operation of RBI is currently being supported by Intellect’s Quantum Central Banking Solution, popularly called as e-Kuber in RBI, Government of India and in the Indian Financial Systems. The platform supports over 250 commercial banks, 35 state government and union territories along with a number of Central Government ministries.
The next generation Intellect Quantum solution is built on cutting edge API first, cloud-native and cloud-agnostic microservices architecture supported by a rich set of packaged business components.
The solution enables the RBI to seamlessly manage multiple activities such as supporting India’s Treasury Single Account with real-time balance position for various government entities, India's national GST backbone, and a wide range of Government and Banking Services.
With the launch of the Digital India initiative by the government, various direct benefit schemes of the government, digital payments, GSTN & other varied monetary policy implementations, RBI transaction volumes are expected to grow several fold over the next decade.
e-Kuber 2.0 has to be designed and engineered to support this growth, said the company in the press release
RBI will deploy the entire QCBS platform-with API first micro-services architecture-on a cutting-edge large scale private cloud enabling a contextual modern user experience. Intellect will also provide a new Government Portal for govt entities with real time multi-dimensional dashboards along with modernising the existing commercial banking portal.
Edited by Anju Narayanan